Operational Risk

Emerging Prudential Risks

MAS Proposes Revisions to Requirements for Insurers

By Manesh Samtani | 22/02/2021

MAS proposes to enhance the current requirements relating to enterprise risk management, investment risk management and disclosure practices.

Credit Risk

ABA Outlines Plans for Next Phase of Pandemic Support

By Ranamita Chakraborty | 21/02/2021

No customer is going to wake up the day after 31 March and find that there is some legal action being taken by their bank on their loan, said ABA CEO Anna Bligh.

Payments & Settlements

US Court Rules Against Citigroup Over Revlon Error Payment

By Editors | 18/02/2021

The federal judge ruled that a group of asset managers are not required to return $501mn that Citigroup mistakenly paid early on behalf of Revlon last August.

Conduct, Culture & Accountability

ASIC Seeks Penalties from CBA for Overcharged Interest

By Editors | 17/02/2021

Due to a systems error, CBA charged more than 1,510 customers a higher interest rate than they were advised, amounting to A$2.2 million in overcharged interest.

Credit Risk

IFRS Foundation Calls for Research Into IFRS 9, IFRS 15 Disclosures

By Editors | 16/02/2021

The aim of the research is to provide evidence about the quality of disclosure provided by entities applying IFRS 9 and IFRS 15.

Supervision & Enforcement

Superannuation Funds to Face Greater Scrutiny in 2021: APRA

By Ranamita Chakraborty | 15/02/2021

To improve member outcomes, APRA will focus on strengthening its prudential framework, sharpening supervision, improving data and enhancing transparency.

Structural Regulation

G-SIBs to Spend Over $100m on IBOR Budget in 2021: EY

By Manesh Samtani | 09/02/2021

Banks of all sizes felt most of their budget would be spent on technology, followed by legal contract repapering. A shortage of legal resources remains a clear risk.

Credit Risk

Australia Passes Mandatory Comprehensive Credit Reporting Bill

By Editors | 07/02/2021

Banks will have to report expanded information about the credit history of their customers to credit agencies, paving the way for more competition in the lending market.

Operational Risk

RBI Issues Guidance to Enhance Internal Audit Function at NBFCs, UCBs

By Sanday Chongo Kabange | 07/02/2021

Internal audit frameworks of select NBFCs and UCBs will have to include an evaluation of the risk management systems and control procedures used in various areas of operations.